How to check your car loan status

The easiest way to check the status of your car loan is to contact or visit your lender’s website. 

After you have applied for a car loan, your details and the progress of your application should be accessible through the company’s customer portal. To access your car loan status online, you will need to provide details such as your name and application or reference number. From there, you will be able to bring up your loan application history and the current status of your application outcome. 

At RateSetter, once you have applied for a loan, you should receive the status of your outcome within 2 business days.

Applying for a car loan and how to check your car loan status

How does a car loan work?

A car loan is a type of personal loan. It provides a customer with credit to purchase a vehicle. 

As the borrower, you can apply for a car loan through a financial institution such as a bank, by a peer-to-peer (P2P) lender, or even directly through the vehicle dealership.

Once you have done your research and compared car loans, you can then approach your chosen lender to begin a loan application.

You and the institution will enter a contract where the lender agrees to loan you money for a new car on the condition that you agree to pay back the money borrowed. In most cases, you will be required to pay in monthly instalments. The agreed-upon loan term (the length of time you have to pay back your loan) will depend on your type of loan and financial institution.

However, a typical loan term is usually between 12 months and 10 years. 
Buying a new or used car through a personal loan is a great option for anyone who does not have the money to purchase a vehicle upfront. In fact, 14.1% of millennials take out a personal loan with RateSetter to purchase their first vehicle.

How to apply for a car loan

To apply for a car loan, you will first have to provide some details to your lender. These include personal details such as your proof of identity, income, and assets along with details of the vehicle you’re wishing to purchase and your ability to make repayments.

The first step in applying for an online car loan through RateSetter is to request a RateEstimate. This quick and easy process is all done online and will provide you with an initial assessment of your ability to take out a personal loan to purchase a vehicle. This 1-minute assessment will provide you with a summary of your loan options (estimated fees, charges, and interest rates that may affect your loan) and your borrowing power (how much money you can borrow).

Once you have completed the RateEstimate, you can then proceed with your loan application. 

The actual application for a car loan is straightforward. If you choose to borrow with RateSetter, you can apply for pre-approval online in just 10 minutes. All you need is your driver’s license and bank details handy. Once pre-approved, you can arrange the purchase of your car and complete a simple online settlement process. Once we have received all the required documents, we aim to provide you with the outcome of your car loan status within 2 business days.

How to check the status of your car loan once applied

Generally, you can check your car loan status right away. Most financial institutions and lenders provide a way to check your status online at your convenience. All you need is your personal details and reference number. 

If you have borrowed through RateSetter, you can check your car loan status by simply clicking the Sign In tab and following the prompts to manage your loans. 

The time it takes to get approved for a car loan will vary from lender to lender. However, for a straightforward car loan, approval should only take 48 hours. In order to keep the process as straightforward as possible, it is vital that you provide all the required details and documents to make sure that you are eligible for a car loan.

Most lenders will only accept your application for a loan if you have a proven good credit history and can show that you have a regular source of income. This is to ensure that they, as the financier, are lending money to someone who has demonstrated their ability to make prompt, timely repayments.

Once approved for a car loan, you will receive an email that will link you to where you can check your car loan status. From there, you can review your loan contract and accept its terms and conditions. 

Checking the status of your car loan is simple with RateSetter

Car loans provide the advantage of being a more affordable option than other forms of lending, such as credit cards. By having a repayment schedule, you have the bonus of knowing exactly when you’ll have your car paid off. As soon as you submit your application for a car loan, you can easily log in online to check your car loan status at your convenience and also be alerted when you are approved.

Interested in taking out an award-winning car loan? Check out your personalised rate now!

Sebastian Paulin
Sebastian has over 12 years experience in consulting, marketing and finance. He has worked with Australia’s largest banks and emerging fintechs across lending, investing and insurance. Sebastian has a Bachelor of Commerce and Bachelor of Laws with Honours.
